The 12 Federal Reserve Banks have released a series of chartbooks to analyze data from the 2023 Small Business Credit Survey (SBCS). These chartbooks, titled "2024 Firms in Focus," include 43 sets of charts that provide insights into the performance and challenges faced by different types of small businesses in 2023. The resources are designed to help compare small business credit conditions across various dimensions such as geography, owner demographics, industry, and size.
A spokesperson for the Federal Reserve stated, "We produce indicators and datasets to inform the public, policymakers, and researchers about economic conditions, including inflation, employment, and risks to the financial system." They added that their research examines economic issues important to local communities, the nation, and globally.
The Fourth Federal Reserve District spans Ohio and parts of Pennsylvania, West Virginia, and Kentucky. The information gathered is intended to be useful not only for this region but also for communities across the United States. The spokesperson noted that these resources can help individuals learn economic basics, understand inflation better, and access educational materials.
The chartbooks offer an easy way for journalists, researchers, policymakers, or service providers to compare small business credit conditions. For instance:
- Startups versus established small businesses
- Rural versus urban small businesses
- Women-owned versus men-owned businesses
- Minority-owned versus white-owned businesses
- California companies compared with small businesses nationwide
To download the chartbooks or seek further information on this initiative, interested parties can visit the 2024 Firms in Focus page on fedsmallbusiness.org. Questions can be directed to Chuck Soder at chuck.soder@clev.frb.org or via phone at 216.672.2798.
The SBCS is an annual survey targeting firms with fewer than 500 employees—representing 99.7% of all employer establishments in the United States. Respondents provide data on business performance, financing needs and choices, and borrowing experiences. While offering valuable insights into lending trends among various segments of the small business population, it is important to note that SBCS results come from a convenience sample rather than a random one; thus potential biases should be considered during analysis.
Conducted between September and November 2023—the fourth since COVID-19 began—the latest SBCS garnered nearly 11,000 responses from small firms nationwide across all states and Washington D.C., including over 6,100 responses from employer firms with up to 499 full- or part-time employees. The remaining responses came from nonemployer firms without any employees other than their owners.
